PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

TXNM$58.28+0.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

	December 31,
	2025	2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$19	$2,698
Accounts receivable, net of allowance for credit losses of $1,394 and $1,398	115,910	95,932
Unbilled revenues	48,524	52,983
Other receivables	33,422	24,174
Affiliate receivables	17,360	9,241
Materials, supplies, and fuel stock	145,663	142,510
Regulatory assets	8,499	36,224
Prepaid assets	18,502	14,746
Income taxes receivable	13,132	16,309
Other current assets	12,109	16,091
Total current assets	413,140	410,908
Other Property and Investments:
Investment securities	505,655	475,524
Other investments	302	184
Non-utility property, including financing leases	17,572	13,647
Total other property and investments	523,529	489,355
Utility Plant:
Plant in service and plant held for future use	7,260,670	6,797,493
Less accumulated depreciation and amortization	2,201,687	2,079,363
	5,058,983	4,718,130
Construction work in progress	371,119	328,403
Nuclear fuel, net of accumulated amortization of $27,953 and $28,245	76,696	72,554
Net utility plant	5,506,798	5,119,087
Deferred Charges and Other Assets:
Regulatory assets	832,791	857,310
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	107,986	271,433
Other deferred charges	252,256	207,554
Total deferred charges and other assets	1,244,665	1,387,929
	$7,688,132	$7,407,279

B - 22

	December 31,
	2025	2024
(In thousands, except shareinformation)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$178,800	$363,800
Current installments of long-term debt (includes $7,303 and $6,907 related to ETBC I)	302,538	560,637
Accounts payable	150,411	123,883
Affiliate payables	18,366	15,695
Customer deposits	6,893	6,533
Accrued interest and taxes	56,211	46,923
Regulatory liabilities	8,430	33,571
Operating lease liabilities	8,913	13,542
Dividends declared	132	132
Transmission interconnection arrangement liabilities	15,878	68,085
Other current liabilities	41,737	50,099
Total current liabilities	788,309	1,282,900
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $324,531 and $331,726 related to ETBC I)	2,559,359	1,898,955
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	813,528	756,218
Regulatory liabilities	488,406	518,701
Asset retirement obligations	254,353	243,663
Accrued pension liability and postretirement benefit cost	6,736	22,067
Operating lease liabilities	96,246	254,702
Other deferred credits	227,998	234,346
Total deferred credits and liabilities	1,887,267	2,029,697
Total liabilities	5,234,935	5,211,552
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,726,218	1,602,918
Accumulated other comprehensive income (loss), net of income taxes	(25,703)	(75,708)
Retained earnings	697,165	610,088
Total PNM common stockholder’s equity	2,397,680	2,137,298
Non-controlling interest in Valencia	43,988	46,900
Total equity	2,441,668	2,184,198
	$7,688,132	$7,407,279

B - 23

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.